Vietnam aims high for next five-year plan

HCMC – Vietnam is eyeing higher economic growth in the next five-year plan, with GDP targeted to average out at 7-8% a year compared to an estimated 6.9% in the current five-year plan of 2006-2010, according to a draft put forth on Monday.

The Ministry of Planning and Investment convened a consultation conference in Hanoi on Monday to hear feedback on its socio-economic development plan for the next period, which will be key input for the Political Report of the next Party Congress scheduled for early 2011.

The draft report of 170 pages including an appendix of 60 pages also targets export growth of 12% a year, while overall investment in the economy as a proportion of GDP is estimated at 40-41%, the Vietnam News Agency reports. Meanwhile, the revenue for the State Budget is estimated at 22-23.5%.

Deputy minister Cao Viet Sinh told the conference that targets for the next five-year period was of utmost importance for the country to realize its long-term goal of becoming a newly-industrialized economy by 2020.

Furthermore, achievements in the next period would form a solid foundation for development in the subsequent five-year plan to 2020, he said.

The economic scenario, according to the news agency, is seen a breakthrough for the country’s overall development in the next decade, besides breakthroughs on social development and environmental protection.

Under the draft, which was put forth for the first time, about 55% of the work force should receive training in the next five-year plan, while the proportion of poor households should reduce by two percentage points a year. Of the total population of an estimated 93 million, some 96% in rural areas and 98% in urban areas will have access to clean water.

The unemployment rate in urban areas should be 4%, according to the draft.

The ministry in the draft also provides an overview of achievements in the current five-year plan. The average GDP growth is some 6.9% a year, and GDP per capita by the end of 2010 should be US$1,200, or higher than the initial target.

The draft will be revised and put forth for public opinions on and again before it is integrated into the Political Report, according to the news agency.

(Source: The Saigon Times)

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